SilentNotary: Making Smart Contracts Smarter
If you have been doing your research on cryptocurrencies the word blockchain seems to come up all the time. Think giant excel spreadsheet of continuously updated records. A blockchain can record transactions between two parties in a verifiable and permanent way. Blockchain technology is the buzz phrase for virtually everything in the cryptocurrency world these days.
The number of people who have truly expert level knowledge of blockchain technology could probably fit into a waiting room of a psychiatrist’s office. You’d have to be a super computer nerd.
Over the past two decades, most of my working life has been devoted to technology. It is a battle keeping up with the potential of each new twist and turn. It is ever so humbling.
One of the fascinating things about cryptocurrencies is Smart Contracts. For all the headline value of blockchains, Smart Contracts often get overlooked. In so many ways, they are the heart of SilentNotary’s mission to build trust and verification. So let’s take a quick look.
Smart contracts are a set of computer protocols that are intended to be superior to traditional contract law by providing greater security and reduce transaction costs. The really cool part is that Smart Contracts allow many provisions of a contract to be self-executing in full or part. Some experts claim Smart Contracts can even be self-enforcing. The way these guys make it sound, the need for lawyers could be taking a tumble. That is what makes Smart Contracts so fascinating.
Picture This
So lets take a simple example of how this might work in our daily lives. You set out to remodel your 50-year-old house. You record every step of the negotiations using one of the SilentNotary.com emails, Chat-bots, voice or video recordings. You negotiate a Smart Contract that stipulates the dates, conditions and approvals for each step of the project. The Smart Contract notifies you when these conditions are met and authorizes payment. So simple and all of this can be accomplished using your mobile phone.
Awesome Applications
The applications for Smart Contracts are staggering both in the B to B and B to C market. There are over 64,000 companies large and small around the world that can save time and money using smart contracts. There are 2.3 billion mobile phone users where the simplest interface, understandable to the common user and can be integrated with social networks. Smart Contracts are changing lives.
Still Not Perfect
Even though Smart Contracts have been in the technology lexicon for almost 25 years they are still not perfect. The Smart Contract is visible to everyone on the blockchain. This means things like bugs security holes and other flaws are visible. The development team at SilentNotary has come up with a solution that is so novel worldwide patents are being applied for. It is called LightStamp technology.
Ready To Deploy
The deployment of LightStamp is set for early next year. Here is what the company has revealed about their new technology.
During the development of Smart Contracts, it became necessary to determine the time range of a certified event. Lightstamp (TM) technology was developed to determine the time interval of the event recorded with the smartphone’s video camera and flashlight.
This new technology prevents forgery or any modification of the recorded video facts. This is achieved by recording the time interval of the event. In turn this provides evidence of a real video-shooting event.
It all adds to an unalterable record of verification that works for both business and individuals. It is also the secret sauce that sets SilentNotary apart.
Patent applications on Lightstamp are underway globally. Further advancements of this technology are now in the hands of SN’s development team. This is all part of the goal to provide constant reinforcement of leadership and innovation.
James Waggoner, SilentNotary PR & Communication
